A two-storey good class bungalow (GCB) located at 20 Third Avenue in Bukit Timah, Singapore, is being put up for sale by public tender for S$30 million. The property belongs to Lim Oon Kuin, also known as O.K. Lim, the founder of beleaguered oil trading firm Hin Leong Trading. This is the second property to be sold as part of a High Court-ordered freeze of the Lim family’s assets to repay US$3.5 billion in debt from the collapsed company.

The Third Avenue GCB is jointly owned by Lim and his son Evan Lim Chee Meng. The property is located in the prime First/Third Avenue GCB area and has a guide price of approximately S$2,058 per square foot. The freehold property sits on a 14,576 square foot plot with a total gross floor area of about 10,000 square feet.

In addition to this GCB, two single-storey GCBs at 52 and 54 Belmont Road have been put up for sale for a total of S$87.68 million. The land rate for both properties is approximately S$2,100 per square foot. These properties offer the potential for redevelopment, as the existing houses were built in the 1970s.

According to Knight Frank, transaction values for GCBs have seen a significant increase in the second quarter of 2023, with six units sold compared to two units in the first quarter. The growing demand for GCBs is attributed to foreign ultra-high-net-worth families seeking prime landed homes. The scarcity of such properties has led to strong interest and higher prices in the market.

Source: The Straits Times